Risk Management

LORITA P. ANDOT, MA.Ed.Reporter

ELPIDIO T. MAGANTE, Ed.D.Professor

Is a continuous forward-looking process that is an important part of business and technical management process.

It should address issues that could endanger achievement of critical objectives.

Means applying skills, knowledge and risk management tools and techniques to your projects to reduce threats to an acceptable level while maximizing opportunities. (Kim Heldman, PMP. )

to identify potential problems before they occur so that risk-handling activities may be planned to invoked as needed across the life of the product or project to mitigate adverse impact as on achieving objectives.

Identifying and documenting Risk Analyzing and prioritizing risk Performing risk planning Monitoring risk plan and applying controls

Performing risk audits and reviews

Risk management is an iterative process, an effective communication is at its core. The illustration below shows the iterative nature of risk management and the interaction between the processes.Identify

and Document

RiskPerform Risks Audit

and Reviews

Analyze and

Prioritize Risks

Monitor Risks and Apply

Control

Create Risk Plan

Communication

A risk management approach starts first with the determination that you’ll create and implement a management plan. Identifying, analyzing, prioritizing and planning for the management of risks and monitoring plans is a much better approach than allowing a problem to change the outcome of your project because they weren’t planned ahead of time. ( Kim Heldman, PMP )

Risk Management Planning- the purpose is to create a risk management plan. A plan is the “how” you’ll go about dealing with risk in your project.

Risk Identification- involves identifying and documenting the risk all the risk that could impact the project.

Qualitative Risk Analysis- to determine the consequences the risk you identified in the Risk Identification process.

Quantitative Risk Analysis- this will evaluates impacts of risks and quantifies the overall risk exposure of the project by assigning numeric probabilities to each risks and their impacts on the project activities.

Risk Response Planning-involves deciding what action to take to reduce threats while maximizing opportunities discovered during the performance of the risks process.

Risk Monitoring and Control- to respond to risks as they occur, tract and monitor identified risk, evaluate risks response plans for effectiveness, ide4ntify new risks and ensure proper risks management procedures are being followed as defined in the risks management plan. ( Risk Management by Kim Heldman, PMP )

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